Summary
This 8-K filing by iShares® COMEX® Gold Trust (IAU) on July 2, 2010, announces a significant change in its custodian arrangements. The Trust has entered into a new custodian agreement with JPMorgan Chase Bank N.A., London Branch, effective July 1, 2010, to hold its gold reserves. This new agreement has a substantial capacity limit of $50 billion for the gold held by the new custodian. Concurrently, the Trust has initiated the termination of its existing custodian agreement with The Bank of Nova Scotia, which will officially end on September 1, 2010. This transition aims to consolidate the Trust's gold custody under a single, new provider. Importantly, the Trust anticipates no direct costs or expenses for shareholders related to this change in custodianship, ensuring a seamless transition of the Trust's physical gold holdings.
Key Highlights
- 1New Custodian Agreement signed with JPMorgan Chase Bank N.A., London Branch, effective July 1, 2010.
- 2New Custodian Agreement has a maximum capacity of $50 billion for the registrant's gold.
- 3Termination notice delivered to The Bank of Nova Scotia (old custodian), effective September 1, 2010.
- 4The transition aims to consolidate gold custody with a single new provider (JPMorgan Chase).
- 5No anticipated costs or expenses for the Trust or its shareholders related to the custodian change.
- 6The filing formally announces the replacement of a material definitive agreement (custodian agreement).